NSAI urges Mayo companies to actively manage business risk

Given the current economic climate, business owners and managers are wondering what risks may lie ahead, and how to identify and manage them. But rather than focusing on risk as a negative, they should consider risks as opportunities. Risk is good for any organisation because without it there is no reward or progress. Properly implemented risk management is as much about identifying opportunities as potential losses.

Speaking at the launch of NSAI’s new Guide on Risk Management, Maurice Buckley, CEO, NSAI (National Standards Authority of Ireland ) is urging Mayo companies to implement risk management systems as a central part of their overall management framework.  

“Risk management is good management,” Mr Buckley said. “Implementing risk management systems will send a clear signal to investors and the international community that Irish organisations undertake risks in a calculated manner and are committed to taking positive steps to ensuring risk management is an integral part of their organisation’s decision making process. The international standard ISO 31000 and the NSAI guide are the perfect tools to help Irish companies do this.”

Billy Kelleher TD, Minister for Trade and Commerce, added: “Risk is no longer defined as just an event like a fire or flood but as the ‘effect of uncertainty on business objectives and opportunities’. Every day, Irish organisations face uncertainties, be they new product launches, cash flow or supply chain risks and manufacturing risks. This national guide helps users manage risk by identifying it, analysing it, and evaluating it.”

 

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